What is the average rent in new jersey

The rental vacancy rate in New Jersey peaked in at 7. Since then it has fallen by 3. Data records for this series originated in Using median household income data for New Jersey , we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For New Jersey, median monthly gross rent as a fraction of median household income was The fraction of median New Jersey household income required to pay median monthly gross rent peaked in relative to the series origin at Since then it has fallen by 0.

You can calculate the renter fraction in New Jersey in at least two ways: by housing units or by population. I've gone with the housing units measure here.

It also has some very high home prices, driven in part by its proximity to New York City and its population density the highest in the country. There are many other factors that go into its cost of living calculations, though. New Jersey is a notoriously expensive state to live in. In certain cities, this number can get even higher. The high home prices in the Garden State may mean you need a mortgage to finance your home. Check out our New Jersey mortgage calculator to see what your monthly payments could look like.

In New Jersey four largest cities, there are significantly more renters than homeowners. New Jersey NJ has the 5th highest rent in the country out of 56 states and territories. Click on your region in the list below or on the map to see a more detailed break down of rental prices. Fair Market Rent is determined each fiscal year by the HUD and is used to set payment standards for federal housing assistance programs in New Jersey.

Fair Market Rent is the 40th-percentile of typical rentals in a given region. Learn more. Home States Current: New Jersey What is Fair Market Rent? Change Year: What's Next? Here are some additional resources you may also be interested in: What is Fair Market Rent?